Today (5/7) the investment app developer startup Stockbit announces series A funding led by East Ventures. It also supported by Convergence Ventures, FreakOut, and some angel investors. There are also previous ones, such as 500 Startups, Braavos Ventures, and Ideosource. With the latest model, Stockbit is getting ready to accelerate democratize mission of Indonesian investment market.
Targeting millennials, a startup founded by Wellson Lo (CEO) and Johny Susanto (CTO) designed user experience in such apps like social network for stock investors, equipped with stock trading and information aggregator services. The app has been launched since 2013, and now equipped with Robo-Advisor, a feature that helps consumers build a more personal investment portfolio.
“Despite the high returns, Indonesian beginner traders still feeling intimidated to make investment in stock market due to the lack of knowledge, high-quality investment consultant, and its expensive rate. Stockbit aims to make investment easy for everyone,” Wellson said.
Based on BEI data, Indonesian retail investors have grown 40% in 2018. A total 70% of the new investors are millennials. Despite the rapid growth, less than 1% are participated in the exchange.
“Stockbit has established its position as a main player in the stock market by creating a platform to consolidate important and necessary information in making investment decisions. We are confident that the Stockbit team is capable to help Indonesia to reach higher individual participation in the stock market,” Partner East Ventures, Melisa Irene said.
Previously, Stockbit has pre Series A funding from 500 Startups in 2017, followed by their seed funding from Ideosource and Braavos Ventures. Starting this year, they made an acquisition over major shares of mutual fund marketplace Bibit to expand investment market.
“Before, it was only the 1% upper class to have access for good investment. Unfortunately, this industry is not transparent and convenience enough to make a smart investment. Through technology, we provide high-quality investment products and services for everyone,” Johny said.
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Original article is in Indonesian, translated by Kristin Siagian